“Insanity is doing the same thing over and over again and expecting different results.” Funny how we are creatures of habit. If something worked once we want to keep doing it again and again but every time we do it the results become less – something like the law of diminishing returns. For businesses that are struggling, many times the entrepreneur can’t come to terms with the fact that what may have worked for them in the past will most likely not work for them in the future. Or not in the same way.
It can be frustrating to admit defeat and failure. It can be especially frustrating if you are not self-aware enough to know that you need to make changes but simply aren’t prepared to consider them. If you are in the midst of a tough situation with your business right now it might be refreshing to know that what got you into the tough spot could also be the very thing that gets you out. Underneath the trouble that your business is having there may be some valuable resources, such as experience and knowledge, that if used properly could help you rebuild and emerge as a better and more profitable business than what your business may be now. Being honest about what you need to do and what you have to work with may be the key to unlocking a successful future.
Since going bankrupt in 2017, Toys R Us is getting ready to open again. Gone are the days of 50,000 square foot warehouses stacked floor to ceiling with toys. Instead, Toys R Us is using its history, brand and knowledge of toys to offer consumers a new retail experience. Instead of being a warehouse that sells toys, Toys R Us has decided to rebuild its business as a service partner for toy brand manufacturers. The retail experience is meant to help consumers interact and engage with toys and help toy brands bring their products to life inside a store. Another change will be seen by customers that visit the Toys R Us website as they have partnered with Target for online order fulfillment. Notwithstanding the first store is getting ready to open, growth plans are already underway to expand into major cities that have large shopping centres where these new retail experiences will take place. This may be a large departure from what Toys R Us has done historically however it is a plan that they are pursuing to rebuild their business for the current market conditions using what they know they are good at.
What would it look like if your business was forced to regroup and reconsider what it offers customers? Would your products or services change? Would the experience your customers receive when dealing with your business change? Would the reason customers use your business change? Getting out of a tough spot and getting your business back on stable ground may require some creative thinking.